The AUD/USD pair holds the bounce above 0.6350 during the Asian session on Monday, following mixed Chinese data releases.
The pair remains underpinned by a US Dollar weakness which failed to gain traction despite strong S&P PMI data. Traders are gearing themselves to Wednesday’s Federal Reserve Fundamental overview On the US side, the S&P Global Composite PMI for December’s flash estimate rose to 56.6 from 54.9 in November, indicating that US private sector business activity expanded at an accelerating pace. The Services PMI improved to 58.5 from 56.1, while the Manufacturing PMI declined to 48.3 from 49.
6K jobs compared to the forecasted 25K, and the unemployment rate dipped to 3.9%, better than the predicted 4.2%. While this data led to a reassessment of monetary policy expectations—with market odds for a February rate cut dropping from 70% to 50%—the Reserve Bank of Australia maintained a dovish stance, emphasizing its confidence in inflation moving sustainably toward target. Technical overview The Relative Strength Index is at 34, indicating near oversold conditions and currently flat.
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